LONDON (ShareCast) - (Sharecast News) - Residential property business Grainger said on Tuesday that it has seen an "excellent lease-up performance" of 231 build-to-rent homes at Millwrights Place in Bristol, with the building achieving stabilisation in under a year.
Grainger said this "significant milestone" for its second scheme in Bristol underscored the "strong demand" for its "high-quality rental homes" and the efficiency of its "market-leading operating platform".

The FTSE 250-listed group highlighted that Millwrights Place reached stabilisation in under a year from its launch in June 2024 and said rents were tracking "consistently ahead" of initial underwriting projections and prevailing estimated rental values in the Bristol market. Since its launch, the scheme has achieved rents roughly 3% ahead of ERV.

Grainger also said the "exceptional performance" of Millwrights Place provided "compelling evidence" of the resilient demand for high-quality, professionally managed rental homes, leaving it confident in its "strong outlook" and its focused strategy to deliver long-term, compounding returns and progressive dividends for shareholders.

Chief executive Helen Gordon said: "We are delighted with the outstanding performance of Millwrights Place, which has leased up significantly faster than our initial expectations and at rental levels exceeding underwriting.

"This success, alongside the strong leasing momentum at our other new developments, validates our BTR strategy and our focus on creating thriving communities. With Glasshouse Square, our third scheme in Bristol, progressing well towards its launch later this year, we are confident in our ability to continue delivering strong rental growth and attractive returns for our shareholders, contributing to our target of 50% earnings growth by financial year 2029."

As of 0755 BST, Grainger shares were untraded at 218.50p.



Reporting by Iain Gilbert at Sharecast.com

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